Beyond Meat: Pricey vegan alternative’s revenue falls 30 per cent as forecast slashed August 8, 2023 Beyond Meat slashed its annual forecast for the year as its revenues plummeted 30 per cent in the second quarter due to customers becoming more reluctant to buy into pricey fake meat alternatives amid the cost of living crisis. The US company, which supplies its vegan plant based burger patties to the likes of McDonald’s, [...]
H&T: Pawnbroker to expand high street and online presence as profits soar 31 per cent August 8, 2023 H&T, Britain’s largest pawnbroker reported a 31 per cent rise in profit before tax to £8.8m – with the pawnbroker looking to cash in on desperate times by expanding its presence. Its pledge book, which includes short-term loans linked to customers’ belongings, grew 14 per cent in the six months ending 30 June, reaching £114.6m [...]
Taylor Swift helps Brits shake it off with entertainment spree but it’s a cruel summer for retailers August 8, 2023 Taylor Swift tickets, which went on sale in July, have powered a double-digit increase in entertainment spending so far this summer
Amazon forecasts bright third quarter on resilient cloud sales and shopping trends August 4, 2023 Amazon reported sales growth and profit that beat expectations as the company delivered goods faster and more cheaply to shoppers while recent cloud-computing headwinds began to subside. Amazon’s Wall Street shares surged nine per cent on the news, extending its stock market value more than $120 billion in after-hours trading. On the FTSE 100 index, [...]
FTSE 100 close: London markets flat as WPP shares slide on tumbling profits August 4, 2023 FTSE 100 was flat on Friday ending the week in subdued fashion, as advertising giant WPP’s tumbling profits led to its share price sliding. London’s flagship index was hovering between being up and dipping into the red throughout the day, and finished up at the close by almost half of one per cent. Meanwhile the [...]
Societe Generale tops forecast, but retail woes put focus on CEO plan August 3, 2023 Societe Generale beat quarterly earnings forecasts on Thursday as the French bank kept costs and provisions down, but a slump at its retail business will turn up pressure on its new CEO as he prepares to unveil his plan. An investor day on Sept. 18 will be a key test for Slawomir Krupa, tasked with [...]
Wilko on brink of collapse with 12,000 jobs at risk August 3, 2023 Troubled homeware and garden retailer Wilko reportedly intends to call in administrators, placing 12,000 jobs at risk. The high street chain has filed its notice to appoint administrators at the High Court, Bloomeberg first reported, after it spent the summer hunting for a rescue deal. Wilko, which has 400 sites across the UK, has struggled [...]
Budweiser maker continues to feel pain of Bud Light boycott August 3, 2023 Budweiser maker AB InBev said its US sales and profits plunged during the second quarter, as Bud Light fell out of favour with customers. Earlier this year, the beer giant chose transgender influencer Dylan Mulvaney to promote the alcoholic drink, sparking outrage from American conservative commentators, celebrities and anti-trans hate groups. The hashtag #BoycottBudLight went [...]
Next: Retail giant does it again with further profit guidance upgrade August 3, 2023 Next is upgrading its full year guidance for group profit before tax by £10m to £845m, following a strong performance in the second quarter helped by summer sales.
Cazoo shares spiral despite narrowed losses August 1, 2023 Shares in the struggling used-car retailer Cazoo tumbled on Tuesday, as investors failed to gain confidence in the firm’s restructuring and drive to rebound after last year’s crises. Losses improved by nearly 37 per cent year-on-year in the six months to June, narrowing from £241m to £151m – but this was not enough to stop [...]